Siemens to sell Russian JV shares after Crimea scandal
July 24, 2017
Commercial Services | Moscow, Russia | Secondary Transaction
Siemens is planning to exit its stake in joint venture Interautomatika after four turbines it sold appeared in Crimea, breaching EU sanctions. The industrial giant helped to found the power plant automation specialist in 1993 alongside All-Russian Thermal Engineering Institute and state-backed company Technopromexport. Siemens said it now has credible evidence that the turbines had been moved to the annexed region from mainland Russia, following a report by Reuters earlier this month.